ChargePoint (NYSE:CHPT) Holdings, Inc.'s (NYSE:CHPT) Interim Chief Financial Officer, Mansi Khetani, recently sold a portion of her company stock, resulting in over $26,000 in proceeds. The transaction, which took place on June 21, 2024, involved the sale of 19,007 shares of common stock at a weighted average price of $1.3971 per share.
Investors might note that the sales reported were part of a "sell to cover" transaction to satisfy tax withholding obligations related to the vesting of restricted stock units. According to the filing, these shares were sold in multiple transactions with prices ranging from $1.35 to $1.40. The sale was not a discretionary trade by Khetani but a mandated action as per the issuer's election under its equity incentive plans.
Following the sale, Khetani remains a significant shareholder of ChargePoint, holding 402,493 shares of common stock. The transaction details, including the exact number of shares sold at each price within the specified range, have been made available to ChargePoint and, upon request, will be provided to the staff of the Securities and Exchange Commission.
ChargePoint Holdings, Inc., known for its role in the electric vehicle charging industry, has its shares publicly traded under the ticker CHPT. The company's business address is located at 240 East Hacienda Avenue, Campbell, CA 95008. This recent transaction provides investors with insight into the stock trading activities of one of the company's top executives.
In other recent news, ChargePoint, a prominent electric vehicle charging network provider, reported its Q1 2025 financial results. The company's revenue was $107 million, an 8% decrease from the previous quarter, but still exceeding the midpoint of its guidance. The non-GAAP gross margin was 24%, with operating expenses reduced to $66 million, and an adjusted EBITDA loss of $36 million.
ChargePoint has reached a milestone of over a million charging locations worldwide, contributing to over 10 billion electric miles. The company expects most sales to be recognized next year, focusing on reducing operating expenses in the upcoming months. ChargePoint is also developing new partnerships and hardware projects to expand its market presence.
The company forecasts its Q2 2025 revenue to be between $108 million and $118 million. ChargePoint is working towards achieving positive EBITDA by the end of the year. These recent developments highlight ChargePoint's strategic initiatives and its commitment to the growing EV market.
InvestingPro Insights
ChargePoint Holdings, Inc. (NYSE:CHPT) has been navigating a challenging financial landscape, as reflected in recent market data and analyst observations. With a market capitalization of $601.8 million, the company's valuation has been subject to investor scrutiny. The stock's performance has been notably volatile, with a 1-week price total return of -15.98% and a staggering 1-year price total return of -81.32%. Additionally, the price has dwindled to 15.38% of its 52-week high, with the previous close at $1.5.
InvestingPro Tips reveal that analysts have mixed views on ChargePoint's outlook. While three analysts have revised their earnings upwards for the upcoming period, suggesting potential optimism in the company's future performance, there are concerns regarding the company's financial health. ChargePoint is quickly burning through cash and suffers from weak gross profit margins, which stand at 4.8% for the last twelve months as of Q1 2025. Moreover, the company is not expected to be profitable this year, and its stock price has been significantly impacted over various time frames, including the last week, month, and year.
For those interested in a deeper analysis, InvestingPro offers additional insights and tips on ChargePoint, which could help investors make more informed decisions. With the use of the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a wealth of information, including 15 additional InvestingPro Tips for ChargePoint.
These insights and data points provide a broader context for understanding the recent sale of stock by ChargePoint's Interim CFO, Mansi Khetani, and the potential implications for investors considering the company's performance and prospects.
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